A blockchain expert explains why major banks might have decided to bail out on the R3 consortium.
It was revealed a few days ago that R3 has lost at least one of its founding members, Goldman Sachs, and had to cut the target for its first major funding round by $50 million. Following that, it is now confirmed that Morgan Stanley is the latest financial institution to drop out of the Blockchain consortium and we turned to an expert in the field to try and figure out what is going on behind the scenes.
GFT is a provider of business, design and technology consulting solutions to the investment banking community, which has approximately 4,000 employees working for nine out of ten of the world’s largest banks and hedge funds. GFT recently announced that it has been working with Google to drive real-world blockchain testing. The project, tested in collaboration with RBS, enables banks to simulate distributed ledger models within a globally distributed and scalable test environment. Given this expertise, we asked Nick Weisfeld, Data Practice Head and Blockchain Specialist, at GFT for his take on the matter.
“Goldman Sachs, Santander and now Morgan Stanley’s drop out from the R3 consortium has led to a flurry of speculation about the future of the research group. Consortium aside, the crux of the issue is not to do with the interest in or potential of blockchain technology, but to do with the commercials of the business model. It’s not yet clear how this is going to work, other than that the banks are adamant that they are not going to create another commercial entity that can hold them over a barrel when it comes to operating fees. These departures show that there is a real question over the value being generated by R3, and an even bigger question over their ability to commercialize.”
Both Goldman and Santander are investors in Blythe Masters’ Digital Asset Holdings (DAH) – could it be that DAH is about to release a competitive platform to Corda, which R3 is set to release as open source at the end of November?
“Regardless, innovation never happens by committee. We’re starting to see real world applications of blockchain – we need to go through that phase first before we start agreeing to standards. Utility Settlement Coin and DAH may offer a quicker path to adoption, as they are focused on commercial success. We welcome the additional competition that this split will promote to R3's consortium model as this is beneficial for the industry in general.”
It was revealed a few days ago that R3 has lost at least one of its founding members, Goldman Sachs, and had to cut the target for its first major funding round by $50 million. Following that, it is now confirmed that Morgan Stanley is the latest financial institution to drop out of the Blockchain consortium and we turned to an expert in the field to try and figure out what is going on behind the scenes.
GFT is a provider of business, design and technology consulting solutions to the investment banking community, which has approximately 4,000 employees working for nine out of ten of the world’s largest banks and hedge funds. GFT recently announced that it has been working with Google to drive real-world blockchain testing. The project, tested in collaboration with RBS, enables banks to simulate distributed ledger models within a globally distributed and scalable test environment. Given this expertise, we asked Nick Weisfeld, Data Practice Head and Blockchain Specialist, at GFT for his take on the matter.
“Goldman Sachs, Santander and now Morgan Stanley’s drop out from the R3 consortium has led to a flurry of speculation about the future of the research group. Consortium aside, the crux of the issue is not to do with the interest in or potential of blockchain technology, but to do with the commercials of the business model. It’s not yet clear how this is going to work, other than that the banks are adamant that they are not going to create another commercial entity that can hold them over a barrel when it comes to operating fees. These departures show that there is a real question over the value being generated by R3, and an even bigger question over their ability to commercialize.”
Both Goldman and Santander are investors in Blythe Masters’ Digital Asset Holdings (DAH) – could it be that DAH is about to release a competitive platform to Corda, which R3 is set to release as open source at the end of November?
“Regardless, innovation never happens by committee. We’re starting to see real world applications of blockchain – we need to go through that phase first before we start agreeing to standards. Utility Settlement Coin and DAH may offer a quicker path to adoption, as they are focused on commercial success. We welcome the additional competition that this split will promote to R3's consortium model as this is beneficial for the industry in general.”
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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